Common use of Liens and Pledges Clause in Contracts

Liens and Pledges. The Liens granted to the Administrative Agent pursuant to the Security Documents delivered on or prior to the date this representation is made are fully perfected first priority Liens in and to the Secured Assets of the relevant Obligor, subject only to Permitted Liens and will, upon the acquisition of additional Secured Assets by such Obligor, subject only to Permitted Liens, constitute first charges or security interests upon all such Secured Assets of each such Obligor. All Shares issued by each Pledged Entity have been pledged in favour of the Administrative Agent for and on behalf of the Finance Parties, pursuant to a Security Document.

Liens and Pledges. The Liens granted to the Administrative Agent pursuant to the Security Documents delivered on or prior to the date this representation is made are fully perfected first priority Liens in and to the Secured Assets of the relevant Obligor, Borrower subject only to Permitted Liens and will, upon the acquisition of additional Secured Assets by such Obligorthe Borrower, subject only to the Permitted Liens, constitute first charges or security interests upon all such Secured Assets of each such Obligorthe Borrower free and clear of all Liens except Permitted Liens. All Shares issued by each Pledged Entity XXXX have been pledged in favour of the Administrative Agent for and on behalf of the Finance Parties, Parties pursuant to a the Security Document.Document referenced in Schedule I.